ASML builds the machines that make the world’s most advanced computer chips possible. Novo Nordisk pioneered the drug class, reshaping how medicine treats obesity. Mistral established a strong position in open-source AI. Each is a European champion. Each was built in Europe.
What makes these achievements remarkable is that they emerged despite structural challenges, many of which Europe has to contend with. Europe’s venture capital pool is roughly 75 percent smaller than the US, and large European companies invest around €700 billion less per year in capital expenditure and research than their American peers. In fact, recent McKinsey Global Institute research confirms that investment cases are harder to make work in Europe than elsewhere across sectors—from pharmaceuticals to machinery.
The fact that Europe produces world-leading companies despite this environment speaks to the quality of what is already here. It is proof of what European talent and institutions can produce. The opportunity now is to give companies like these the runway to sustain and extend their leads.